Home / Industry / Banking /  ICICI Bank hikes fixed deposit interest rates up to 25 bps for retail investors

The private sector lender ICICI Bank has hiked interest rates on fixed deposits of less than 2 Cr. The new rates are in effect as of September 30, 2022, according to the bank's official website. Following the revision, the bank increased interest rates for all tenors. This came after the Reserve Bank of India (RBI) revealed a 50 basis point uptick in the repo rate on September 30. The current repo rate is 5.9 per cent, and this week's 50 bps increase is the fourth in a row since May.

ICICI Bank FD Rates

The bank increased the interest rate on fixed deposits maturing in 7 days to 29 days by 25 basis points (bps), from 2.75% to 3.00%, and also increased the interest rate on term deposits maturing in 30 days to 90 days by 25 bps, from 3.25% to 3.50%. Fixed deposits with maturities between 91 and 184 days will now offer an interest rate of 4.25% (up from 4% previously), a 25 basis point increase, and term deposits with maturities between 185 and less than a year will now offer an interest rate of 4.90% (up from 4.65% previously), a 25 basis point increase.

ICICI Bank raised interest rates on fixed deposits maturing in 1 year to 2 years by 20 basis points (bps), from 5.50% to 5.70%, and on term deposits maturing in 2 years 1 day to 3 years by 20 bps, from 5.60% to 5.80%. Fixed deposits maturing in 3 years, 1 day to 5 years will continue to pay 6.10% interest, while term deposits maturing in 5 years, 1 day to 10 years will now pay 6.00% interest, up from 5.90% before, a 10 basis point increase. The bank will continue to provide an interest rate of 6.10% on 5 Years (80C FD).

ICICI Bank FD Rates
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ICICI Bank FD Rates (icicibank.com)

The lender has mentioned on its website that “ICICI Bank offers interest rates as high as 6.60% p.a. for Senior Citizens (above the age of 60 years) and up to 6.10% p.a. for citizens below age of years. With the current uncertainty and highly volatile market, you can always rely on ICICI Bank’s Fixed Deposits for assured and guaranteed returns. An ICICI Bank FD is one of the safest FDs and rated as “AAA", beating any competition with ease."

ICICI Bank Golden Years FD

ICICI Bank Golden Years FD Interest Rates are also in effect as of September 30, 22. A special retail term deposit offered by ICICI Bank called the "Golden Years FD" gives resident senior citizen customers an additional 0.10% in interest over and above the existing additional rate of 0.50% per year.

ICICI Bank Golden Years FD
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ICICI Bank Golden Years FD (icicibank.com)

The ICICI Bank Golden Years FD has a tenure of 5 years and 1 day, up to 10 years, and is available to senior citizens until October 7th, 2022. According to the bank, the additional rate is applicable to single FDs established through ICICI Bank for amounts below 2 crore and will be accessible on newly made as well as renewed deposits during the scheme's timeframe.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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